Chapter 8 turns to an episode with echoes of 1987: the 1998 crisis surrounding the hedge fund Long-Term Capital Management (LTCM). Because the partners who ran the fund included the finance-theory Nobel laureates Robert C. Merton and Myron Scholes, its near-failure (it was re-capitalized by a group of the world's leading banks) has often been blamed on blind faith in finance theory's models and has been seen as suggesting fatal flaws in those models.

Donald MacKenzie, An Engine, Not a Camera, loc. 152